Building on the Copenhagen Accord, the United Nations Secretary’s High-Level Advisory Group on Climate Change Finance (AGF) was set up in February 2010 to identify how industrialised countries could mobilise US$100 billion of resources per annum by 2020, to support climate-resilient development in the developing world. The Group consisted of 21 members, from the public and private sectors and from the developed and developing worlds. It was co-chaired by the Meles Zenawi, Prime Minister of Ethiopia, and Jens Stoltenberg, Prime Minister of Norway. Working through most of 2010, it has analysed a wide range of options for raising this money from both public and private sources.
This Special Issue brief outlines the implications of AGF report recommendations for Asia.
Key messages include:
- The AGF report identifies many opportunities for Asia, for example low-carbon investment from the private sector.
- Building on a good track record, the private sector can finance much of Asia’s emission reduction needs.
- The AGF’s recommendations to use public resources to leverage private investment are important for Asia.
- Adaptation to climate change will typically require public revenues.
- Some of the revenue sources identified by the AGF may have negative impacts on Asia, although it will be possible to devise compensation arrangements for these.
- The Copenhagen Accord target of US$100 billion per year is unlikely to be sufficient to meet Asia’s needs.
CDKN Special Issue, November 2010/B, 8 pp.